Posted on 06/17/2015 1:17:50 PM PDT by texas_mrs
The state of Texas is demanding the Federal Reserve in New York repatriate $1 billion in gold bullion after Governor Greg Abbott signed a bill establishing a state-run gold reserve in the Lone Star state.
Abbott signed House Bill 483 into law last Friday, stating, “Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.”
Under the terms of the bill, written by Rep. Giovanni Capriglione (R-Tarrant County), the gold will be held in state run depository beyond the reach of the federal government and other any “quasi-governmental authority” should they attempt to access or “confiscate” it.
Section A2116.023 of the bill states: “Purported confiscation, requisition, seizure, or other attempt to control the ownership … is void and of no force or effect.”
The bill also states “The depository in the case of receiving notice of a purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal,transfer, liquidation, or settlement of a depository account … may not recognize the governmental or quasi-governmental authority, financial institution, or other person acting as the lawful successor of the registered holder of a depository account in question.”
(Excerpt) Read more at conservativerefocus.com ...
Thanks for explaining hat.
Either than or they were told, we’ve got to all pretend we’re not actually sending you your gold, because it will be vulnerable until you have it all there.
Just saying...
Germany is one of the largest depositors with something like 1400 tons left, but the bullion vault is about half full with something like 6500 to 7000 tons of gold there. At its peak there were around 12,000 gold bars at one time. To put it in perspective, we're talking about the Texas gold, which has a value of about $1 billion. That's roughly 20 tons of gold.
Heh. I’ve also seen Ft Knox. Can’t say anything other than I’m not worried about gold.
LOL I had forgotten all about BAHOG
I like it!
Proud to be a Texan!
I put my PMs into private storage in Texas in 2009 after THe Clown was elected. Looks like I finally did something right.
Thank you for that important information!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.